Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.026%

Price spread now: Phoenix against Aster+0.085%95s7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.153% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.085%, 7d avg +0.049%

Together, before fees−0.102%+ Points / potential airdropAster: Stage 5 · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.036% dearer against Aster than usual: you sell high and buy low (spread +0.085% now, against its 7-day average of +0.049%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 7 days (−0.066% in total) that is about 3.8 days. The two prices were read 95 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster BTCUSDT	85,405.7	−0.0004	get 0.0004% / 8h	1h 07m	$512.7M	$1.09B	200x
Short	Phoenix BTC	85,478	−0.0082	pay 0.0010% / 1h	7m 52s	$2.3M	$10.4M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee AsterbpFee PhoenixbpOrdersPrice spread, now +0.085%Rate

Funding earned: −$16.35
Price spread: +0.085% → +0.049%: $3.56
Slippage, 4 orders: −$0.3
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$28.09
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Aster: live order book, 1 min ago; Phoenix: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Aster live order book, 1 min ago	0.01 bp	4.0 bp −$4	4.1 bp −$41	4.8 bp −$478	6.2 bp −$3,091
Sell Phoenix live order book, 6 min ago	0.06 bp	3.7 bp −$4	6.3 bp −$63	12.0 bp −$1,198	doesn't fit

BTC on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTCshort	−0.0082%	1h	85,478	+0.085%	$2.3M	$10.4M	40x
Hotstuff BTC-PERP	−0.0080%	1h	85,401	−0.006%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0035%	8h	85,418.8	+0.015%	$929.3M	$772.7M	125x	as long as short
BloFin BTC-USDT	−0.0022%	8h	85,430.5	+0.029%	$420.9M	$679.8M	150x	as long as short
Aster BTCUSDTlong	−0.0004%	8h	85,405.7	long leg	$512.7M	$1.09B	200x
01 Exchange BTCUSD	0.0000%	1h	85,417.2	+0.013%	$352K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,439.3	+0.039%	$492K	$18.3M	6.7x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,430.8	+0.029%	$16.7M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,433.2	+0.032%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0045%	1h	85,419.1	+0.016%	$24.1M	$220.0M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,247	−0.186%	$338K	$26.8M	52x	as long as short
Deribit BTC-PERPETUAL	+0.0070%	1h	85,461.2	+0.065%	$854.1M	$1.64B	50x	as long as short
BingX BTC-USDT	+0.0074%	8h	85,413.4	+0.009%	—	$1.57B	—	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,438.5	+0.038%	$186.2M	$952.4M	100x	as long as short
Bitget BTCUSDT	+0.0092%	8h	85,415.4	+0.011%	$2.97B	$5.15B	150x	as long as short
Bybit BTCUSDT	+0.0094%	8h	85,408.6	+0.003%	$5.14B	$9.96B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,428.3	+0.026%	$169.7M	$1.03B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,426.6	+0.024%	$23.6M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,442	+0.043%	$8.5M	$57.1M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,438.1	+0.038%	$2.4M	$6.7M	20x	as long as short
SoDEX BTC-USD	+0.0097%	1h	85,420	+0.017%	$59.8M	$336.7M	40x	as long as short
MEXC BTC_USDT	+0.0097%	8h	85,419.5	+0.016%	$5.04B	$5.78B	500x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,416.4	+0.013%	$9.42B	$24.86B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,393	−0.015%	$245K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,465.9	+0.070%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,502	+0.113%	$3.75B	$5.05B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,439.2	+0.039%	$40.4M	$603.0M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,419.4	+0.016%	$2.60B	$12.19B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,389	−0.020%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,405	−0.001%	$5.1M	$96.5M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,420.5	+0.017%	$5.56B	$11.08B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,411.1	+0.006%	$37.4M	$180.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,384.3	−0.025%	$156.3M	$556.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,427.5	+0.026%	$279.9M	$952.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,402.7	−0.004%	$214.4M	$163.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,408.7	+0.003%	$139.6M	$313.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,436	+0.035%	$30.1M	$207.2M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,464.9	+0.069%	—	$10.2M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,414	+0.010%	$11.0M	$14.6M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,419.9	+0.017%	$199K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,420.9	+0.018%	$2.6M	$9.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,462	+0.066%	$194K	$795K	40x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,419.8	+0.017%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,408.6	+0.003%	$2.26B	$962.7M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,428	+0.026%	$156.3M	$512.5M	150x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,413.1	+0.009%	$689.0M	$342.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,396	−0.011%	$45.2M	$240.1M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,431.5	+0.030%	—	$104.3M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,455.3	+0.058%	$112.9M	$5.48B	50x	as long as short
Reya BTCRUSDPERP	+0.0133%	1h	85,409.5	+0.004%	$6.6M	$147.7M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0150%	1h	85,434.5	+0.034%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0176%	8h	85,436	+0.035%	$11.9M	$739.3M	6.4x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,432.3	+0.031%	$8.8M	$42.6M	25x	as long as short
Hibachi BTC/USDT-P	+0.0216%	1h	85,453.3	+0.056%	$685K	$7.8M	30x	as long as short
Aftermath Perps BTCUSD	+0.0265%	1h	85,456	+0.059%	$79K	$242K	20x	as long as short